BusinessCompany NewsBudget could hit Shell for hundreds of millions

Budget could hit Shell for hundreds of millions

Change in taxation of foreign companies could land oil giant with huge bill

Oil giant Shell could be facing a tax bill of hundreds of millions of pounds
due to a change in the rules on how foreign companies are taxed.

During the Budget, chancellor Gordon Brown announced that companies that
became non-resident for tax before April 2002 will be taxed under controlled
foreign companies and residence rules.

It is thought that Shell could be the biggest victim of the change, following
its restructuring last year when it moved its HQ and tax residency to The Hague.
The move was carried out in Britain by reversing into another UK company, which
had been registered before 2002, according to The Daily
Telegraph
.

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